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Import [24/07/2019 07:10]

What is Standing Instruction?

Standing instruction is advisable in case of fixed regular payments. Through standing instruction you can give ICICI bank permission to auto debit your policy premium amount periodically when it’s due. Setting up standing instruction ensures that you don`t miss out paying your premiums and your policy remains intact.

What is term life insurance?

Term life insurance plan is a financial safety net for your loved ones in your absence. If you are the person insured, you pay a specific premium amount at fixed intervals for a policy term of your choice. In the event of your unfortunate demise during this term, your cover amount is paid to your selected nominee(s) like your spouse, children or parents. It is the simplest and most affordable form of life insurance.

Why should I buy term life insurance online from ICICI Bank?

• Trusted Advisor: ICICI Bank can be your partner while choosing the best term life insurance plan for you. • One Stop Shop: We are fulfilling all your financial needs at one place. You can buy and track your policy through ICICI internet banking and iMobile app. One common platform for making all your payments including your insurance premiums. • Hassel free process: As ICICI Bank customer, you don`t need to submit KYC documents again and you may not have to go through medical tests. (T&C*) • Specialized on call assistance – In case you have any queries related to product, purchase or after purchase you will get assistance from our certified customer service executive • Cost effective: Online discount of 5% is applicable if purchase term life insurance online • Customization: You can choose cover amount, policy term, add-on benefits and payment options suiting your needs.

How to choose the right life cover amount?


It is a thumb rule that your life cover should depend on your current annual income and any existing or future loans/liabilities you may have. We recommend to take life cover in proportion to your income:


Age Recommended life cover
18-35 25 times your income
36-45 20 times your income
46-50 15 times your income
51-60 10 times your income


Will I get any returns at the end of the policy?

No, there are no maturity benefits under this policy since the key objective of this product is to secure your family in your absence. A term life insurance gives you peace of mind as you secure the financial future of your family in advance.

Why should I should choose ICICI Pru iProtect Smart?

• Longer Life cover: You can get a longer life cover till the age of 85 years at very affordable rates. • Add-on benefits: You get an option to get covered against 34 critical illnesses and accidental death. • Payout: Your nominee will get a lumpsum payout in case of an unfortunate event • In-built features: 1.Entire cover amount will be paid out to you on diagnosis of terminal illness (including AIDS). 2.In case of a permanent disability premiums will be waived off and your life cover will remain intact • Voted Product of the year by Consumer Survey of Product Innovation details*

How is claim amount paid out to my nominee?

Your nominee will receive a lumpsum payout which means entire sum assured will be given in one single payment in case of an unfortunate event.

How do I pay my policy premiums?

You can pay your policy premium through ICICI Net Banking. Debit Card & Credit Card. And you can automatically pay your future premiums with your credit/debit card using the auto pay facility which gets enabled at the time of policy purchase. Setting up standing instruction/auto pay facility is strongly recommended so that you don`t miss premiums and keep your policy intact.

How can my nominee register for claim?

Your nominee can report a claim in various ways: • Online on our website www.iciciprulife.com or Click here. • Send an SMS ICLAIM Policy number to 56767 • Send an email to lifeline@iciciprulife.com • Helpline number 18602667766 • At any of our branch • At our central claim care center (Personal visit/ Post / Courier) (Address: 1st Floor, C wing, Office No. 115, 116, 117, BSEL Tech Park, Opp. Vashi Station, Sector 30, Vashi, Navi Mumbai - 400706.)

How to decide right policy term?

We recommend you should ideally have a term life cover till your retirement or till the age of 65-70 years. In case you wish to get covered for a longer duration, ICICI Pru iProtect Smart term plan gives you an option to get covered till the age of 85 years. If you have a shorter life cover which ends in your 40s or 50s it can be difficult and costly to get a new life cover at that age.

Why do I need term life insurance?

• Protection against loss of income: In case of an unfortunate event your family may lose source of income, the term insurance money can be used to take care of your family`s financial needs in your absence. • Provision for future goals: Term life plan ensures your family`s future goals like child`s education and owning a house care taken care • No burden of loans on your family: You may take loans for assets like a house or a car. However, if something happens to you, your loved ones might be burdened with loan repayments. In such a situation, the term insurance payout can be utilized by your family to pay off outstanding loans. • Peace of mind: When you have safeguarded future of your dependents, you can rest assured • Tax Saving: The premiums paid are tax free under section 80C & 80D and the claim amount received is tax free under Section 10(10D).

Who is a nominee?

A nominee is the person who receives the proceeds of your life insurance policy in case of your untimely death. You can choose your parent, spouse, child or any person dependent on you financially as your nominee.

Can I pay my premium annually?

Yes. If you pay yearly you get 2% discount on premium in addition to 5% online discount

What is limited pay option?

Limited pay option gives you a choice to pay premiums in limited time of 10 years and enjoy the benefits of the plan for a longer term. The limited payment option can help you save big on total premium paid for entire policy term.

Who can buy ICICI Pru iProtect Smart term life insurance plan?

An Indian citizen falling into age group of 18-60 years can buy ICICI Pru iProtect Smart term life insurance plan.

What is the right time to buy term life insurance?


The earlier you get insured, the better it is! The premium amount will be cheaper if you buy it now. The premium amount will keep on increasing with time as risk on your life will increase due to age and lifestyle changes.


Age of buyer 25 30 35 40 45
Tenure of cover 35 30 25 20 15
Annual Payment (₹) 7,085 8,279 10,131 12,963 16,762


How to choose a right term plan?

• A Brand you can trust: You should choose a brand which is likely to make a payment in case a claim is made. It can be decided by knowing the Claim settlement ratio, Assets under management, year of establishment and solvency ratio of a brand. • Claim settlement ratio: Claim settlement ratio is calculated on the basis of individual claims settled over total individual claims for the financial year. Thus, if an insurer has claim settlement ratio of 98 percent it means, 98 out of 100 were identified as valid claims by the company and were paid out • Product: The term life insurance plan should suit your needs. It should give a longer cover, multiple add-on benefits to choose from and a limited pay option to pay off your premiums in a short time and enjoy the benefits of a longer cover. • Added Benefits: One must also look at added benefits that come with a term plan for e.g.: terminal illness cover, critical illness cover, accidental death benefit or waiver of premium due to disability • Customer Service: Look for an insurer which makes you term life insurance purchase simple and hassle free and ensures that your loved ones can file a claim easily and receive the amount in the case of an unfortunate event. • Affordability: The term life insurance plan should fit in your budget. It should give you options of monthly, quarterly or yearly payments.

When will I receive my policy document?

You will receive policy document after issuance of your policy. The policy issuance can take up to 5-7 working days once all the requirements from your end are completed. On an average a policy is issued in 4 days.

Why are my health details asked?

The health information helps us understand your risk profile which means the risk you represent to the company financially. You should fully disclose your health details to avoid any difficulty while your nominee claiming the sum assured.

Is death by suicide covered?

Yes, death by suicide is covered in ICICI Pru iProtect Smart. If the Life insured, whether sane or insane, commits suicide within 12 months from the date of inception of this Policy, the Company will refund 80% of the premium paid provided the policy is in force.

What are the tax benefits of term life insurance?


You can avail Tax benefits on premiums paid under Section 80C in all plan options and 80D in Life & Health or All-in-one plan options. No Tax to be paid on claim amount under Section 10(10D)

Are there any special benefits for women in iProtect Smart?

Women enjoy lower premium rates as compared to men. They are offered an option to cover critical illnesses like breast cancer and cervical cancer.

Can I increase the life cover later?


Yes, you can increase your life cover in case you get married or if there is a birth/ legal adoption for 1st and 2nd child without any medicals.


Event Additional death benefit(% of original death benefit) Maximum additional death benefit allowed
Marriage 50% ₹50,00,000
Birth/Legal adoption of 1st child 25% ₹25,00,000
Birth/Legal adoption of 2nd child 25% ₹25,00,000


Will my premium remain the same for entire policy term?

Yes, the premium amount will remain same for entire policy term.

What illnesses are covered in critical illness benefit?

Click here to view list of these 34 critical illnesses.

Will I have to undergo medicals?

The medical tests may be required based on the application details filled in by you. In case they are required, we will reach out to you and set up an appointment according to you convenience. The medical tests will be free of cost and you will receive the medical report once the tests are done.

What is the Accidental Death benefit?

This is an optional add-on benefit in addition to your life cover. If the death of the life assured happens due to an accident, nominee will be paid this extra amount. E.g. If you take life cover of Rs.1 Crore and accidental death benefit of ₹1 Crore your nominee will receive ₹2 Crore payout on claim in case of death due to an accident.

Can I change my nominee later?

Yes, you can change your nominee later. Your nominee can be changed before the maturity of your policy.

What is the terminal illness benefit?

In this benefit, if you are diagnosed with a terminal illness like AIDS, entire life cover amount will be paid to you. The terminal illness is a condition in which a person is highly likely to lead to death within 6 months. The Terminal Illness must be diagnosed and confirmed by two medical practitioners registered with the Indian Medical Association and approved by the Company.

How to choose critical cover amount?

The critical cover should be bought considering your age, family history, type of job and inflation. You should take in consideration of average treatment charges, hospitalization charges and any loss of income due to illness. For e.g., Average cost of heart surgery in India is around ₹5 Lakh, Average cost of organ transplant is in India is around ₹20 Lakh, Average cost of cancer treatment is ₹20 Lakh. It is advisable to take critical illness cover of ₹20 Lakh.